The Ministry of Commerce and private businesses will this week discuss the Russia-Ukraine situation, with the Kingdom expecting ramifications from several Russian banks being cut off from the SWIFT payment system.
Commerce Minister Jurin Laksanavisit noted that the conflict has so far had no major impact on the Thai export sector. He nevertheless assured that the Thai government will do everything within its power to cushion its effects. He also said that his agency has been closely monitoring crude oil prices, along with fluctuations of the ruble currency.
Kittinan Yingcharoen, director of the Office of Foreign Trade in Moscow, said it remains to be seen whether all Russian banks will be affected by the SWIFT ban and how long the ban would last. He also acknowledged that Thai exports to Russia will most likely contract if the situation is prolonged. Thailand initially set a target of $1.1 billion in exports to Russia this year, a significant bump from $1.02 billion in 2021.
Kittinan further recommended that exporters reconsider taking orders from Russia to avoid payment complications stemming from the SWIFT payment ban.
Finance Minister Arkhom Termpittayapaisith meanwhile said he will soon hold talks with the central bank to evaluate the effect of the conflict on the Thai economy, particularly for the export and the tourism sectors.
Meanwhile, Yuthasak Supasorn, governor of the Tourism Authority of Thailand, said he will monitor the situation for another two weeks before updating his estimate on tourism revenue and visitor numbers. (NNT)
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